CandleFocus Bitcoin Bull Novogratz: “We Are in Paradigm Shift”
2024-11-19
Author: Content Editor
The cryptocurrency market is showing warning signs according to Galaxy Digital boss Mike Novogratz, who specifically mentioned high funding rates. Funding rates are fees that cryptocurrency traders pay based on the gap between spot and futures markets. High funding rates indicate bullish sentiment in the market. Current Bitcoin funding rates are notably higher compared to less volatile market conditions. Traders anticipate more volatility with the launch of Bitcoin ETF options, which Novogratz describes as a "paradigm shift." The launch of the ETF is seen as a clear catalyst for Bitcoin bulls and there are expectations of a $100,000 attempt shortly. Bitcoin is currently just 1.3% away from its record high.
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